In the
business world, for the most part, you don’t want to be a best kept secret. In
fact, you want to be just the opposite. That’s why people advertise and market
their products. But sometimes if a company has been around awhile—30, 40, 50+
years—it can fall into the trap of assuming customers already know all the
great things about the product it manufacturers. After all, if they’ve been
around for that long, shouldn’t everyone know what’s great about their product?
Maybe…but it’s a risky assumption. Just how risky is usually unknown until
someone new comes along and begins to take away market share.
When
fresh competition enters the scene, it’s a good time for a company to evaluate
the strength of its brand. Has it fallen into complacence and weakened or lost
its brand signal? It can happen to the most respected, longest-standing
companies out there. But as long as the foundational elements like a good
product, solid differentiators and a customer base are still present, a brand
can be revived.
Barry
LaBov
LABOV
Marketing Communications and Training
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